Archive: September 2015

Student Loans and Home Loans

Understanding new FHA rules
Student loan debt and gifts are now a bigger factor in securing loans

From The Washington Post:

Heads-up for millennials and first-time home shoppers carrying student debt: New rules could make it tougher to qualify for a low down payment mortgage from the Federal Housing Administration. New rules on down payment gifts could complicate things for you as well.

The net effect of the changes, say mortgage lenders and analysts, will be to make FHA loans, which traditionally have been the go-to financing source for young, first-time and moderate-income purchasers, less attractive.

Read the full article…